UK Preliminary Services PMI declines to 52.9 in May vs. 54.7 expected
|- UK Services PMI dropped to 52.9 in May.
- Manufacturing PMI in the UK expanded to 51.3. in May.
- GBP/USD holds higher ground near 1.2740 after mixed UK business PMIs.
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) rebounded from 49.1 in April to 51.3 in May, beating 49.5 expectations.
Meanwhile, the Preliminary UK Services Business Activity Index fell to 52.9 in May, missing the market consensus of 54.7. The previous figure stood at 55.0.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “The flash PMI survey data for May signaled a further expansion of UK business activity, suggesting the economy continues to recover from the mild recession seen late last year.”
“The survey data are consistent with GDP rising by around 0.3% in the second quarter, with an encouraging revival of manufacturing accompanied by sustained, but slower, service sector growth,” Chris added.
FX implications
GBP/USD is holding gains after mixed UK PMI data. The pair is adding 0.15% on the day to trade at 1.2734, as of writing.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.19% | -0.14% | -0.05% | -0.13% | -0.11% | -0.30% | -0.15% | |
| EUR | 0.19% | 0.06% | 0.15% | 0.09% | 0.09% | -0.09% | 0.03% | |
| GBP | 0.14% | -0.06% | 0.10% | -0.02% | 0.03% | -0.17% | -0.04% | |
| JPY | 0.05% | -0.15% | -0.10% | -0.09% | -0.07% | -0.32% | -0.13% | |
| CAD | 0.13% | -0.09% | 0.02% | 0.09% | 0.03% | -0.16% | -0.04% | |
| AUD | 0.11% | -0.09% | -0.03% | 0.07% | -0.03% | -0.19% | -0.08% | |
| NZD | 0.30% | 0.09% | 0.17% | 0.32% | 0.16% | 0.19% | 0.13% | |
| CHF | 0.15% | -0.03% | 0.04% | 0.13% | 0.04% | 0.08% | -0.13% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.